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The payments perspective: micro‐foundations of resource analysis
Author(s) -
Lippman Steven A.,
Rumelt Richard P.
Publication year - 2003
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.346
Subject(s) - economic rent , perspective (graphical) , economics , neoclassical economics , resource (disambiguation) , payment , simple (philosophy) , partial equilibrium , microeconomics , mathematical economics , economic analysis , general equilibrium theory , industrial organization , computer science , classical economics , epistemology , philosophy , computer network , finance , artificial intelligence
Problems in the micro‐foundations of neoclassical theory, especially in partial equilibrium analysis, are being imported into the resource‐based view. This paper critiques neoclassical theory and proffers new concepts more suited to strategy scholars. In particular, we develop the concepts of simple rents, rent sensitivity analysis, and the payments perspective. Copyright © 2003 John Wiley & Sons, Ltd.